OPEC cuts oil output to 31.93 mln bpd March exceeding deal by 3%
MOSCOW, Apr 12 (PRIME) -- Organization of Petroleum Exporting Countries (OPEC) reduced oil production by 152,700 barrels per day on the month to 31.928 million barrels in March, the organization said in its April report on Wednesday.
“According to secondary sources, OPEC crude oil production in March decreased by 153,000 from the previous month to average 31.93 million barrels per day,” the report read.
The OPEC states, participating in an oil output cut agreement, overfulfilled it by 3% with Libya, the United Arab Emirates and Nigeria being the biggest contributors reducing production by 60,800 barrels per day to 622,000 barrels per day, by 32,700 barrels per day to 2.895 million barrels per day and by 29,800 barrels per day to 1.545 million barrels per day, respectively.
OPEC has also upgraded Russia’s 2017 crude oil output outlook by 60,000 barrels per day to 11.14 million barrels per day from 11.08 million barrels per day in the March statement, the report read.
The global oil demand forecast has also been revised up by 0.01 million barrels per day from the March forecast, to 96.32 million barrels per day.
“The revision is connected with better than expected China’s January-March statistics,” the report read.
OPEC states agreed to reduce their oil production by 1.2 million barrels daily to 32.5 million barrels in November 2016. Russia joined the agreement in December with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June 2017 with potential prolongation.
For further details, see OPEC’s statement on its official Web site:
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